Land LayBy

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Land LayBy (HRBE) ICO Review

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Land LayBy is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.

Essential Information

Ico TimeUnknown – Unknown
Token NameLand LayBy
Token SymbolHRBE
WhitepaperView Whitepaper
Website LinkHome
Price1 HRBE = 0.7 USD
PlatformEthereum
Minimum investment20 HRBE
Hard Cap350,000,000 USD

More about Land LayBy (HRBE) ICO:

Africa has robust youthful population, who migrate and send home over USD 660B per annum for the purchase of land and other investments. Land records aren’t readily available and are rarely upheld in cases of dispute. Our blockchain platform will create Land LayBy Listing (LLL), a history of immutable and incorruptible land ownership details in most developing countries through empowering the community to participate in listing their land assets.

Land records in most developing countries are not available to the public. Tacit land information shared through generations is rarely upheld in cases of dispute and is often lost over time. Consequently, the general public is forced to trust the government to keep the land records intact. In an economy where trust is managed by a centralized authority, efforts to uphold trust are diffused by institutionalized asymmetry of information. We propose a solution through our blockchain platform to create a single Land LayBy Listing (LLL) of immutable and incorruptible land ownership details. Land detail entered on the LLL platform is secured through smart contracts. Access to the platform will be granted through the Harambee Token (HRBE). Our application of blockchain technology to decentralize our land option ledger, mirror the government’s land registry, and initiate the adoption of a decentralized ledger for the African land registry system, will be a strong gain for the economy. It will resurrect dead capital, facilitate economic development, and encourage sustainable investment. It will enhance land ownership rights and formalize land information that has been held in the minds of a chosen few in many communities throughout the continent. It is bound to affect all industries associated with the purchase, sale, and use of land; including the resources beneath, or on the surface.

Land records in most developing countries are not available to the public. Tacit land information shared through generations is rarely upheld in cases of dispute and is often lost over time. Consequently, the general public is forced to trust the government to keep the land records intact. In an economy where trust is managed by a centralized authority, efforts to uphold trust are diffused by institutionalized asymmetry of information. We propose a solution through our blockchain platform to create a single Land LayBy Listing (LLL) of immutable and incorruptible land ownership details. Land detail entered on the LLL platform is secured through smart contracts. Access to the platform will be granted through the Harambee Token (HRBE). Our application of blockchain technology to decentralize our land option ledger, mirror the government’s land registry, and initiate the adoption of a decentralized ledger for the African land registry system, will be a strong gain for the economy. It will resurrect dead capital, facilitate economic development, and encourage sustainable investment. It will enhance land ownership rights and formalize land information that has been held in the minds of a chosen few in many communities throughout the continent. It is bound to affect all industries associated with the purchase, sale, and use of land; including the resources beneath, or on the surface.

Land Ownership, Registry, and Conveyance

Land ownership in the world is a major source of competition affecting social, political, and economic prospects. In most African societies, it is the most important of the natural resources, representing the foundation of much of the continent’s economic activity. In Kenya, the purchase of a plot of land represents the largest financial and legal transaction of one’s lifetime. It is a key component of the Kenyan economy fed by an increasing middle-income population and a rise in remittances. The number of times a piece of land exchanges ownership is increasing as more people can afford to buy land. In the aftermath of the 2007/8 post-election crisis, landowners found it difficult to prove land ownership. More transactions are carried out in the land registries, and corroborated with the independent land registry units rendering the existing manual registration system ineffective and unprepared for a future pegged on an exponential increase of activity in land utilization.There are two central registries in Kenya where all information related to land can be found: the land registry in Nairobi (also called the Inland Registry) and the Coast Registry[1]. Historically, most of the lands were owned and governed by community leaders under customary tenure systems. During the post-colonial era, we inherited the land registry system adopted by the British in East Africa. The Kenyan government asserted direct claims over community lands, resulting in a situation of overlapping claims to lands extending across the country. Political and social turmoil responsible for displacing masses from their lands has created fertile grounds for corruption and the highest form of disorganized land registries. To address the underlying land ownership issues, the Ministry of Lands took steps to digitize land records, but at a snail’s pace, and with minimal social or economic impact to the bottom of the pyramid.However, they have only managed to cover a precious few municipalities, whose information can be questioned due to the existence of dubious middlemen along the conveyance chain of information. Unjustified cases of demolitions and displacement due to land ownership disputes have led to uncertainty amongst potential real estate investors, and the lack of a clearly defined institutional hierarchy for land administration has led to multiple land allocations. All these challenges to the Ministry’s efforts to build a trustworthy land registry system have done very little to alleviate the existing issues. One can argue the same for most of the land registries in developing nations, stressing the importance of a formal, statutory recognition of land rights. It empowers the critical mass needed to accelerate the development of a country. The ability to establish ownership and to allow trustworthy transfers is essential to the economic competitiveness of Kenya in the global sphere.

Unreliable Information

Most land investors encounter the challenge of securing reliable information about the land they are interested in without having a local presence. This challenge discourages investors and leads them to consider other options perceived as easier and more reliable. It is an issue when political upheaval prevents investors from gaining valuable information from the current land registry system because the government is overthrown, or the administrative offices are closed, or worse, destroyed in war. The lack of information and transparency around land and property rights adversely influences the financial mobility and ownership transfer required to realize the full economic potential of land. Lenders are less likely inclined to securitize mortgages against unverified land to provide capital for entrepreneurial ventures.

Corruption

Corruption has taken root in the land registry system where land investors face situations of bribery and extortion, reliance on basic services that have been undermined by the misappropriation of land, and confront official indifference when seeking redress from authorities on the take[2]. Understandably, corruption is a human element that extends to the systems we create. In some cases, corruptive practices interwoven in the system have become part and parcel of the social structure that most people have accepted it as a fact of life in day-to-day business. There are numerous examples of people who have had to pay a bit extra to expedite their paperwork or to facilitate a winning bid for a plot of land. According to the Transparency International’s Corruption Index, lower-ranked countries on their corruption index are plagued by untrustworthy and dysfunctional public institutions. In cases where anti-corruption laws are present, they are often not upheld in practice. It should be noted that corruption is not only a Kenyan problem, it is a global issue. Each nation has a level of corruption.

Trust Gap

The huge trust gap associated with land purchase in the developing world continually discourages migrants from investing back home. Most migrants have lost money to their friends, relatives, siblings and sometimes their own parents. The lack of credible networks for migrants leads to higher transaction fees. The geographical barrier impedes enforcement of the legal contracts in instances of fraud and breach of contract. Most of the time, there is no proven system to facilitate due diligence, and after transfer of ownership, other issues arise, for example, in the form of squatter menace. Edelman points out that the implications of the global trust crisis are deep and wide-ranging[3]. Trust proves to be difficult to earn and very easy to lose across institutions of government, business, media and non-governmental organizations (NGOs).The gap between the trust held by the informed public and that of the mass population has widened. It is a growing problem that can be seen playing out in international relations because people are fed up with empty assurances to rein in on persistent issues.These revelations run parallel to our objective of empowering individuals through provision of tools that can make their land visible to investors so that they can execute the utilization of assets and resources granted to them through land ownership rights.

Dead Capital

The issue of dead capital is ubiquitous in the informal sector of developing nations. Hernando de Soto described dead capital as an asset that cannot easily be bought, sold, valued, or used as an investment[4]. Land that is not listed in any formalized registry cannot be used formally for economic development and those who own unregistered land are unaware of the potential they are holding on to while they continue to suffer. In some instances, there are people who are afraid that ancestors will curse those who sell land to outsiders, stigmatizing both the registry and sale of land for economic benefit. Dead capital is one of the clearest forms of poverty. People living in Kibera and Mathare slums possess far more capital than anyone realizes, their assets are not represented in such a way as to make them more marketable.In his explanation, de Soto uses the example of a home where the developed world has devised a formalized system of titles, title registries, and an inclusive property law that features real estate used for living or for business purposes. The example illustrates, with blinding light, the reason why some nations are rich while others remain in poverty. He argues that once a system is in place to register titles, shares, property law, trustworthy systems – or at least moderately trustworthy depending on who you ask – people will begin to look beyond the face value of their assets to envisioning them for what they could be: collateral for loan to start a business or to build a house, and other possibilities. The developed world beat us to this task and has basked in the advantageous knowledge and availability of systems that have enabled owners to focus on the title of a house and not just the house itself. Such a system – if implemented in developing nations – could impact fledging economies and catapult the masses on a path of sustainable and diversified growth.Home and land equity has managed to serve as collateral for most small businesses in the developed world so one can imagine the possibilities if trustworthy systems are put in place. The vast majority of buildings on the planet have no titles and they serve as their owner’s largest asset because it is difficult to prove ownership, and thus difficult to create value. In de Soto’s words, “The poor of the world – five-sixths of humanity – have things, but they lack the process to represent their property and create capital. They have houses but not the titles; lands but not deeds; businesses but not statutes of incorporation[5].” It means there are a majority of people who are unable to represent their assets in a manner that makes them widely and credibly transferrable. An issue that renders their assets invisible to the market and cannot be represented as working capital, a value calculated to be over $10 trillion globally[6].To put that into a firm perspective, the entrepreneurial ingenuity of the poor as de Soto put it,” has created wealth on a vast scale, wealth that also constitutes by far the largest source of potential capital for development. These assets not only far exceed the holdings of the government, the local stock exchanges, and foreign direct investment; they are many times greater than all the aid from advanced nations and all the loans extended by the World Bank[7].” It proves that most of the organizations trying to assist developing nations achieve their full economic potential have been investing in the wrong structures. We seek to tap into this potential because without formal systems in place no matter how many assets one may accumulate, or how hard one works, he or she is inevitably set for failure in a capitalistic society.

Financial Inclusion

Financial inclusion is a global issue that refers to all initiatives that make formal financial services available, accessible and affordable to all segments of the population. An estimated 2 billion people globally, do not have a basic account (World Bank, 2017). Financial services are not affordable or designed to fit low income users. Many live a considerable distance from financial service providers, or lack proper documentation to open accounts in a system that fails to inspire trust. About 200 million formal and informal micro, small and medium-sized enterprises (MSMEs) in emerging economies lack adequate financing to thrive and grow due to a lack of collateral and credit history, and business informality. Market imperfections determine the extent to which people can borrow to invest in capital (A. Demirgüç-Kunt, 2008). Information asymmetry renders the market inefficient because many cannot access crucial decision-making information. It leads to issues of adverse selection, moral hazard, and information monopoly. The transaction costs tend be lofty and are captured in the final price of the product. These are costs that can be reduced through financial inclusion.Dead capital holds untapped potential that could facilitate financial inclusion. Financial inclusion is essential to economic development. Once dead capital is resurrected, the possibility of financial inclusion can be realized. A platform empowering people to access financial services will contribute to the overall economy. Resurrected dead capital can be turned into collateral making it more likely for owners to use other financial services such as credit and insurance, to start and expand businesses, invest in education or health, manage risk, and weather financial shocks, which can improve the overall quality of their lives. Our land option certificates can also be presented as collateral so the added benefit of an incorruptible formal system of land registry and conveyance could allow holders and owners alike to access the financial systems.Our role in the resource allocation process cannot be denied. It is a deliberate effort that meets at the confluence of the evolution of financial development, growth, and intergenerational income dynamics. We are intervening to ease the market friction that obstructs the markets from operating in favor of marginalized groups. Land LayBy offers innovative solutions to tackle poverty and to promote inclusive development. Our platform appeals to the vast population eager to waltz into the formal financial system to seize the opportunity to access financial services (Kalunda, 2012). The African Development Bank’s opinion on the subject reinforces the need to address the issue; “financial inclusion goes beyond improved access to credit to encompass enhanced access to savings and risk mitigation products, a well-functioning financial infrastructure that allows individuals and companies to engage more actively in the economy, while protecting users’ rights (AfDB, 2013).”

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